New product enables faster, more informed decisions before entering into a business relationship
Atlanta, February 27, 2024 /PRNewswire/—— Ikefax® (NYSE: EFX) is launching Instant Online Know Your Business (KYB) Business Validation Solutions Dedicated to helping U.S. lenders and businesses of all sizes make faster, more informed decisions before onboarding a new account or provider.
New business applications USA Since 2021, such applications have grown at an unprecedented rate, with 5 million applications submitted each year. This growth in the small business market requires lenders and business service providers to understand the legality of the business in the early stages of the application process.This is vital for internet and phone service providers, financial institutions, lenders, insurance companies and others to help identify potential risks, e.g. Fraud – before consolidating new business relationships.
“Businesses, large and small, help drive economic growth and in turn impact the communities in which they operate,” said Sal Hazday, senior vice president and general manager of Equifax’s U.S. Information Solutions Commercial Business Unit. “Equifax continues to develop solutions and resources to help provide businesses of all sizes with the information they need to make informed decisions, and our new Business Verification solution is designed to help businesses get to know their partners before they enter into a relationship. “
Equifax Business Verification solutions leverage industry-leading data and analytical models to deliver comprehensive, easy-to-read reports that give business applicants and principals a more complete view. The solution’s robust validation process is based on a comprehensive risk model, allowing customers to evaluate multiple aspects of a small business, including:
- business verification and Fraud Alert Score – These scores help analyze the business and determine business potential Fraud.
- Primary Owner Information – Provide the name of the business principal, guarantor, or both, as well as the address and tax ID number.
- Affiliated enterprises—— A list of other businesses that may be related to the business owner and/or principal.
- Public Records Update – Identify adverse business events such as bankruptcies, judgments and liens, as well as potential discrepancies between inquiry information and related data.
- Credit Summary Report – Summarize recent credit seeking activities conducted on behalf of the business.
- Company Profile – Includes information that best matches the query information, including business name, legal name, address, company structure, etc.
- Office of Foreign Assets Control (OFAC) Screening – Screen businesses and business owners and/or principals against OFAC lists.
Equifax is committed to helping small businesses thrive through innovations like new products Business Validation Solutions and OneScore Business Edition Credit score. OneScore for Commercial launched in May 2023 And help lenders and service providers improve application scores by up to 50% through the following features: Equifax Business Datahelping to improve the predictability of commercial account defaults.
About Equifax Corporation
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics and technology company, we help financial institutions, corporations, employers and government agencies make critical decisions with greater confidence and play an important role in the global economy. Our unique combination of differentiated data, analytics and cloud technology drives insights, drives decisions and moves people forward.Headquartered in Atlanta Equifax operates or has investments in 24 countries, supported by nearly 15,000 employees worldwide North AmericaCentral and South America, Europe,as well as Asia-Pacific area.For more information, please visit Equifax.com.
learn more:
Alexandra Packey For Equifax
[email protected]
SOURCE Equifax Inc.
